Banks can accept cash deposits under IDS, says RBI

The Reserve Bank of India (RBI) has instructed banks to accept cash deposits at the counter from people declaring unaccounted wealth under the Income Declaration Scheme (IDS), an official statement said here on Friday.

"The RBI has on September 8 instructed the banks to invariably accept cash deposits from all the declarants under the (IDS) Scheme and to accept cash deposits, irrespective of amount, over the counters, for making payment," a Finance Ministry statement said.

The scheme, which is open till September 30, provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets, the statement said.

IDS came into effect for a period of four months starting from June 1 this year.

--IANS

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